OPPENHEIMER HIGH YIELD FUND
Supplement dated July 1, 1994
to the Prospectus dated October 4, 1993
The Prospectus is amended as follows:
1. The supplement dated May 1, 1994 to the Prospectus is hereby
rescinded.
2. At a shareholder meeting called for June 20, 1994, shareholders
of the Fund approved a Service Plan for Class A shares under Rule 12b-1
of the Investment Company Act of 1940 that applies to all Class A shares
of the Fund, regardless of the date on which the shares were purchased.
If that new Plan were in effect during the Fund's fiscal year ended June
30, 1993, the Annual Fund Operating Expenses table on page 2 would be
revised as follows: "12b-1 (Distribution and/or Service Plan) Fees" and
"Total Fund Operating Expenses" for Class A shares would have been .17%
and 1.04%, respectively. The hypothetical examples of expenses for Class
A shares shown on page 3 would have been $58, $79, $102 and $169 for the
1, 3, 5 and 10 year periods, respectively, whether or not such shares were
redeemed at the end of the period.
3. The fifth sentence of the first paragraph under the caption
Class A Service Plan on page 16 is revised by having the phrase "which are
attributable to sales made on and after April 1, 1991" deleted. In
addition, the second sentence in the second paragraph under that caption
is deleted.
4. The fifth and sixth paragraphs under the caption Class B
Distribution and Service Plan on page 18 are revised to read as follows:
"If the Class B Plan is terminated by the Fund, the Board of Trustees may
allow the Fund to continue payments of the asset-based sales charge to the
Distributor for certain expenses it incurred before the Plan was
terminated."
July 1, 1994
